Find the simple interest of each loan...
Principal Rate Time
1.) $1900 5 1/2% 3 years
2.) $8500 3% 6 months
Find the total amount of a CD worth $6000 at %4 interest for 9 months.
Principal Rate Time
1.) $1900 5 1/2% 3 years
2.) $8500 3% 6 months
Find the total amount of a CD worth $6000 at %4 interest for 9 months.
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Simple interest is calculated as follows:
1) 1900(.055)(3) = 313.50
2) 8500(.03)(6/12) = 127.50
3) 6000(1 + .04(9/12)) = 6180
Hope that helps
1) 1900(.055)(3) = 313.50
2) 8500(.03)(6/12) = 127.50
3) 6000(1 + .04(9/12)) = 6180
Hope that helps